Financial math question investment

Question

How much do I need to invest today, at 8% per year, compounded monthly in a savings account in order to have $35 268 at the end of 17 years for my son’s four-year tuition at Ryerson University?

Answer 1

Suppose you invest x dollars now. At the end of 17 years at 8% a year, that amount will turn into roughly

x(1.08)¹⁷ ≈ 3.7x

You want

3.7x = 35268 ==> x = 9531

So investing around 10k today should do the job.